Edible Garden AG Incorporated Reports Strong Financial Results for Third Quarter 2024

Edible Garden AG Incorporated, a leading company in controlled environment agriculture, locally grown, organic, and sustainable produce, announced significant financial growth for the quarter ended September 30, 2024. In a press release issued on November 13, 2024, the company reported a 324% year-over-year increase in gross profit for the nine-month period ending September 2024.

The Chief Executive Officer of Edible Garden, Jim Kras, highlighted the strategic shift made earlier in the year away from lower-margin products, resulting in notable dividends. The company saw a $687,000 increase in gross profit for the third quarter of 2024 compared to the same period in 2023, showcasing a 27% increase in gross profit margin. The first nine months of 2024 saw a substantial surge of $1.7 million in gross profit, marking a 324% increase compared to the previous year.

Sales of cut herbs rose by 55% during the first nine months of 2024, and revenue showed a slight increase for the same period. A strategic decision to phase out lower-margin products impacted revenue for the third quarter of 2024, especially in the floral business. Investments made from a September offering helped pay down debts and strengthen the company’s working capital position.

Edible Garden has built strong partnerships, including with major retailer Walmart and several prominent distributors. The company launched innovative product lines like Vitamin Whey and Kick Sports Nutrition, aiming to meet the evolving demands of health-conscious consumers. The market expansion onto Walmart Marketplace is expected to drive revenue growth significantly.

The company’s Pulp Flavors line of gourmet sauces experienced notable growth in the third quarter of 2024, aligning with the rising demand for organic and sustainable food products. Additionally, grants from the USDA Organic Certification Program will support the company’s organic product innovation and align with its Zero-Waste Inspired® mission.

Looking ahead, Edible Garden remains optimistic about achieving substantial growth in both margins and revenue for the fourth quarter of 2024. The company’s foundation and infrastructure position it well to deliver continued growth and long-term value for its shareholders.

A conference call to discuss the financial results for the quarter ended September 30, 2024, and corporate progress will be held today at 8:00 A.M. Eastern Time. Interested parties can join the call or access a webcast via the company’s website.

The full financial results for the quarter ended September 30, 2024, can be found in the company’s Quarterly Report on Form 10-Q, which will be filed with the Securities and Exchange Commission.

For more information on Edible Garden AG Incorporated and its product lines, visit their website at ediblegardenag.com.

This press release may contain forward-looking statements, and the company encourages individuals to review its filings with the Securities and Exchange Commission for a comprehensive understanding of the risks and uncertainties involved in its operations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Edible Garden’s 8K filing here.

About Edible Garden

Edible Garden AG Incorporated, together with its subsidiaries, operate as a controlled environment agriculture farming company. It offers various packaged products, including cilantro, rosemary, mint, thyme, oregano, bay leaves, chives, poultry mix, sage, dill, buttercrunch living lettuce, basil, living butterhead lettuce, basil, parsley, arugula spring mix, baby arugula blend, baby romaine, and crisp ranch and Caesar salad kits.